Leases

6 Months Ended

Jun. 30, 2020

Note 7 – Leases

The following table details the components of net lease cost for the periods presented ($ in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Finance leases
Amortization of right-of-use assets	$	481		$	642		$	978		$	1,145
Interest on lease liabilities		65			80			132			161
Operating lease cost		1,289			1,289			2,579			2,589
Short-term lease cost		111			123			220			203
Variable lease cost		332			346			679			690
Sublease income		(63	)		(82	)		(162	)		(169	)
Net lease cost	$	2,215		$	2,398		$	4,426		$	4,619

The following table details the cash payments included in the measurement of lease liabilities during the periods presented ($ in thousands):

	Six Months Ended June 30,
	2020		2019
Finance leases
Operating cash flows included in operating activities	$	132	$	526
Financing cash flows included in payments under finance lease obligations		905		1,035
Operating leases
Operating cash flows (fixed payments) included in other operating activities, net		2,493		2,481
Operating cash flows (liability reduction) included in other operating activities, net		1,949		1,875

The following table details balance sheet information, as well as weighted-average lease terms and discount rates, related to leases at June 30, 2020 and December 31, 2019 ($ in thousands):

	June 30, 2020			December 31, 2019
Finance lease right-of-use assets, net of accumulated depreciation	$	8,348		$	9,326
Finance lease liabilities		8,616			9,520
Operating lease right-of-use assets		29,819			31,182
Operating lease liabilities		31,076			32,354

Weighted-average lease term
Finance leases	8.58 years			8.62 years
Operating leases	8.72 years			9.05 years

Weighted-average discount rate
Finance leases		3.05	%		3.01	%
Operating leases		3.49	%		3.51	%

At June 30, 2020, future minimum rental commitments under finance and operating leases were as follows ($ in thousands):

	Finance Leases			Operating Leases
2020 (excluding the six months ended June 30, 2020)	$	1,740		$	4,890
2021		1,617			4,355
2022		1,350			4,139
2023		549			4,102
2024		582			3,994
Thereafter		4,161			14,738
Total minimum lease payments		9,999			36,218
Less imputed interest		(1,383	)		(5,142	)
Lease liabilities	$	8,616		$	31,076